During Monday morning hours, the USD/JPY currency pair reversed north from the 103.20 level.
It is likely that the exchange rate could gain support from the 55-hour moving average near 103.60, and trade upwards in the short term. Note that the rate would have to exceed the resistance area formed by the 100– and 200-hour SMAs, as well the weekly PP in the 103.93/104.30 range.
If the predetermined resistance area holds, the currency pair could reverse south within the following trading session. The pair could re-test the psychological level at 103.00.
